XML 18 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statements Of Income (Loss) And Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
OPERATING REVENUES        
Earned premiums $ 1,199,461 $ 1,148,184 $ 2,403,438 $ 2,299,205
Net investment income 111,831 105,387 226,013 213,403
Net realized investment gains (losses) (67) (7,642) 614 (8,588)
Change in fair value of equity securities 425,720 112,891 1,037,230 (9,161)
Net investment gains (losses) 425,653 105,249 1,037,844 (17,749)
Products revenues 501,676 472,323 850,470 766,459
Services and other revenues 200,495 155,870 393,839 301,166
Total Operating Revenues 2,439,116 1,987,013 4,911,604 3,562,484
OPERATING EXPENSES        
Losses and loss adjustment expenses 678,120 599,178 1,365,866 1,214,296
Underwriting, acquisition and insurance expenses 462,316 451,570 917,528 875,960
Products expenses 425,138 450,585 744,564 720,282
Services and other expenses 170,796 129,854 345,402 262,287
Amortization of intangible assets 36,300 [1] 29,641 [2] 76,968 [3] 58,464 [4]
Impairment of goodwill and intangible assets 0 14,904 0 14,904
Total Operating Expenses 1,772,670 1,675,732 3,450,328 3,146,193
Operating Income 666,446 311,281 1,461,276 416,291
Interest expense 41,267 36,702 81,557 76,761
Net foreign exchange gains (25,015) (86,158) (3,151) (64,044)
Income Before Income Taxes 650,194 360,737 1,382,870 403,574
Income tax expense 143,711 81,150 298,874 189,581
Net Income (Loss) 506,483 279,587 1,083,996 213,993
Net income attributable to noncontrolling interests 9,185 1,356 10,271 68
Net Income to Shareholders 497,298 278,231 1,073,725 213,925
OTHER COMPREHENSIVE INCOME (LOSS)        
Net holding gains (losses) arising during the period 128,467 (98,145) 280,798 (215,067)
Reclassification adjustments for net gains (losses) included in net income 803 (5,891) 557 (5,077)
Change in net unrealized gains on available-for-sale investments, net of taxes 129,270 (104,036) 281,355 (220,144)
Change in foreign currency translation adjustments, net of taxes (3,749) (10,450) (1,372) (5,497)
Change in net actuarial pension loss, net of taxes 515 568 1,876 1,232
Total Other Comprehensive Income (Loss) 126,036 (113,918) 281,859 (224,409)
Comprehensive Income (Loss) 632,519 165,669 1,365,855 (10,416)
Comprehensive income attributable to noncontrolling interests 9,189 1,333 10,280 87
Comprehensive Income (Loss) to Shareholders $ 623,330 $ 164,336 $ 1,355,575 $ (10,503)
NET INCOME PER SHARE        
Basic (in dollars per share) $ 36.10 $ 20.01 $ 78.91 $ 15.75
Diluted (in dollars per share) $ 36.07 $ 19.97 $ 78.85 $ 15.72
[1]
Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to any other reportable segments.
[2]
Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to any other reportable segments.
[3]
Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to any other reportable segments.
[4]
Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to any other reportable segments.